How to Become a Franchise Owner in 10 Steps

How to Become a Franchise Owner in 10 Steps

Partnering with Premium Service Brands gives entrepreneurs the tools to launch successful home service businesses in their local communities. Learn how to become a franchise owner, with advice and recommendations for reaching every milestone.

Home Service Providers Lighten Load

American families are busier than ever. Juggling work, childcare, personal wellness, and chores leave people with little downtime. A study conducted by the Pew Research Center revealed that just under half of parents find the job tiring, and 29% are stressed out all or most of the time.

Purchasing a house is a rite of passage for many Americans. At least 66% of people in the U.S. own a home. Homeownership helps families build equity and provides a sense of stability and security. It also offers tax benefits, establishes credit, and offers a tool for long-term savings. But owning a home significantly adds to a family’s already full to-do list. Finding time to clean, maintain, and make improvements is challenging. To lighten the load, harried parents and other homeowners are outsourcing home maintenance and services.

Giving people time back in their day is helping the home services industry flourish. The average household spent $12,904 on home maintenance, remodeling, and emergency repairs in 2022, according to Angi. The home services market was valued at $371 million in 2021 and is forecast to hit $1.83 billion within the next eight years.

Steps to a New Future

Are you missing valuable moments in the lives of your own family because you’re stuck at the office or on another business trip? Does your current career path lack flexibility and work-life balance? PSB can help you build a new future where you can set your own schedule and

diversify your investments to meet your financial and lifestyle goals in a thriving, high-demand industry. PSB is the franchisor of nine home service brands, including 360° Painting, Window Gang, The Grout Medic, House Doctors, and Maid Right. PSB signed deals to add 92 locations in 2022 and recently surpassed the 1,000-unit mark.

“What I like most about owning my franchise is the freedom and flexibility it gives me to take a day off if I want to spend time with my family, but also for the impact we get to make on the customers in our marketplace,” says Matt McCollum, a Maid Right franchise owner.

If you’re interested in pursuing a future in franchising, learn how to become a franchise owner. Here are the steps it takes to open a franchise in the home services industry.

  1. Outline your goals. Franchising allows you to open a business with a proven brand, training, and ongoing support. To narrow down your franchise options, define your financial and lifestyle goals. Explore whether you want to manage a team or be an owner-operator. Are you interested in a retail location or a home-based business? Knowing your strengths and weaknesses can help you pick a suitable business model.
  2. Determine your investment capacity. As you start to explore franchises, it’s important to understand your budget. Knowing your investment capacity will narrow down your search and allow you to make realistic decisions about potential business candidates.
  3. Research your opportunities. Based on your goals and the area you live in or wish to build a business in, start researching franchise opportunities in your area.
  4. Review the FDD. A franchise disclosure document (FDD) provides a financial overview of the brand and details about the franchise agreement. It can help you decide and develop an accurate business plan. New franchisees often rely on guidance from a legal professional to help understand the fine print of the FDD.
  5. Attend Discovery Day. Discovery Day provides an opportunity for you to visit the franchisor's headquarters to gain in-depth knowledge about the franchise system, meet key personnel, and get a better understanding of the business model, operations, and culture. Discovery Day also allows you to meet other franchisees in person to gain insights about the brand. Finding a franchise that aligns with your values and expectations will help increase your chances of success.
  6. Make it official. Sign the franchise agreement. Most potential franchisees review the franchise agreement with a legal specialist to limit any surprises and answer questions.
  7. Secure financing. Lenders are likely to support a franchise because it has a history of success. You can rely on personal savings, traditional bank loans, or loans from the U.S. Small Business Administration to finance your new venture. SBA loans have strict eligibility criteria, but the loans typically have favorable terms, longer repayment periods, and lower down payment requirements compared with traditional bank loans. Other entrepreneurs rely on investors or crowdfunding to help get their new businesses started.
  8. Attend training. After you sign the franchise deal, it’s time to start preparing to open by attending training. Most franchisors offer a combination of virtual, in-person, and online training. Franchisees excel when they regularly communicate with the franchisor and fellow franchisees to share experiences, seek guidance, and stay informed about updates or improvements within the franchise network.
  9. Find a location and hire employees. Depending on the type of business you’re pursuing, work with the franchisor to pinpoint an area with high foot traffic and prime visibility. Some franchises might need a storage facility for equipment and vehicles. Take time to build a strong team and delegate responsibilities to foster a positive work environment.
  10. Open for business. Implement a local marketing program and start providing your goods or services to your community. Many franchisees join local business groups and participate in community events to generate buzz about their new business.

PSB: A Home Service Franchise Leader

Now that you know how to become a franchise owner, take charge of your career, and discover the benefits of setting your schedule by exploring a future in entrepreneurship. Most of our home service brands allow operators to run back-office administration remotely to keep startup costs low.

The franchise cost for one of PSB’s brands ranges from $103,850 to $150,000. Also included in your initial investment are vehicle expenses, insurance, business licensing, grand opening advertising, office supplies, equipment, and more.

Our franchise business model is scalable, and we encourage our local owners to add complementary franchises to their portfolio as they establish their internal infrastructure. PSB is aggressively adding brands to our portfolio to allow our franchise owners to pursue brand stacking.

Brand stacking helps drive year-round business and allows franchisees to leverage their existing customer base by providing additional services. Our integrated lead-sharing tech solution helps customers connect to a reliable central platform for all their home service needs. The system helps cut lead acquisition costs and provides homeowners with a network of quality local businesses.

At PSB, we believe in having fun, being healthy, and living well. Our franchisees succeed by following our established system and operational guidelines. We’ve developed a proven business model and following it will increase your likelihood of success. We’re seeking franchisees who share our commitment to customer service excellence and passion for their work.

Get started with PSB to launch a home service business!